Today, U.S. Secretary of the Treasury Scott Bessent convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury).
During the executive session, the Council received a briefing from Treasury staff on a recent interagency tabletop exercise on geopolitical risk hosted by Treasury as part of the Council’s work to promote economic security.
The Council also received a presentation from Treasury staff on the work of the Council’s Artificial Intelligence (AI) Working Group and a briefing on four public-private roundtables co-hosted by the Council and Treasury as part of the AI Innovation Series. These discussions were intended to support the continued strength and resilience of the U.S. financial system in an era of accelerating technological change.
The Council then heard a presentation from Treasury staff on the Council’s quarterly financial stability monitor. The presentation described key developments during the second quarter of 2026 in the banking sector, financial markets, household finances, and financial innovation. The presentation also featured discussion of supply chain risks, AI implications for the labor and capital markets, and cybersecurity.
In addition, the Council received a presentation from Treasury staff on the public comments received on the Council’s proposed interpretive guidance on nonbank financial company designations. The Council will continue to work toward finalizing the guidance.
Finally, the Council heard a presentation from Treasury staff on planning for the Council’s upcoming 2026 annual report.
The Council also voted to approve the minutes of its previous meeting on May 6, 2026.
In attendance at the Council meeting at Treasury were the following members:
- Scott Bessent, Secretary of the Treasury (Chairperson of the Council)
- Kevin Warsh, Chairman, Board of Governors of the Federal Reserve System
- Jonathan V. Gould, Comptroller of the Currency
- Russell Vought, Acting Director, Consumer Financial Protection Bureau
- Paul S. Atkins, Chairman, Securities and Exchange Commission
- Travis Hill, Chairman, Federal Deposit Insurance Corporation
- Michael S. Selig, Chairman, Commodity Futures Trading Commission
- Aaron Kofsky, Acting Deputy Director, Division of Housing Mission and Goals, Federal Housing Finance Agency (acting pursuant to delegated authority)
- Kyle S. Hauptman, Chairman, National Credit Union Administration
- Steven Seitz, Director, Federal Insurance Office (non-voting member)
- Elizabeth K. Dwyer, Director, Rhode Island Department of Business Regulation (non-voting member)
- Lise Kruse, Commissioner, North Dakota Department of Financial Institutions (non-voting member)
Additional information regarding the Council, its work, and the recently approved meeting minutes is available at https://www.fsoc.gov .